Latest news with #Sohu
Business Insider
2 days ago
- Business
- Business Insider
Nvidia's competitors are gaining traction in these key industries
Startups selling alternatives to Nvidia's famed graphics processing units are unlikely to truly challenge Nvidia for a long time. But they defiantly claim superior performance, speed, energy efficiency, cost, or all of the above. Gusto is mandatory for teams wishing to compete against its 10-year headstart, virtually unlimited resources, and more than 70% market share. The answer to who's buying Nvidia alternatives is coming into focus alongside the financial value of AI tools and the total volume of AI use. "Competitors have a window to really carve out their niche," Karl Mozurkewich, senior principal AI architect for cloud firm Valdi, told Business Insider. For efficiency's sake Nvidia chips are considered at the cutting edge of accelerated computing. But they're also expensive and require immense power at scale, and in some cases, companies seek more targeted, energy or space-efficient solutions. When companies want to diversify away from Nvidia, they often turn to AMD, which also makes a GPU. Mark Papermaster, AMD's CTO, told BI that moving workloads from one GPU to another is always going to be the easiest move, from a technical perspective. And AMD is directing resources toward its software to make this as easy as possible. But some industries are particularly keen to look outside those two contenders. If inference volume is high enough and uniform enough, it makes financial sense to invest in making an alternative chip architecture work for certain workloads, Robert Wachen, cofounder of Etched, one of the newer entrants to the chips space, told BI. "When you're inferencing, it really matters to find the right processor that matches your use case," David Driggers, CEO of Cirrascale Cloud Services, which offers chips from startups Cerebras, SambaNova Systems, as well as Qualcomm, Nvidia, and AMD, told BI. Here are the industries turning to Nvidia alternatives. High-frequency trading High-frequency stock trading, or HFT, is an area where the speed and accuracy of computation is "mission-critical," Rodrigo Liang, CEO of SambaNova Systems, told BI. Firms like Citadel Securities, Susquehanna, and Jane Street can make millions by getting a fraction of a second ahead of market movements. "The entry point for the new chips is going to come in these higher value use cases first," Liang said. HFT firms hire top machine learning talent, often competing directly with frontier companies like OpenAI and Anthropic. Jane Street has thousands of H100 and H200 chips from Nvidia, according to the firm's website. However, the company also participated in Etched's $120 million Series A in 2024. Etched is betting on transformer models, the kind used for chatbots — models specifically suited to its Sohu chip. The company has also raised funds from PayPal founder Peter Thiel and GitHub CEO Thomas Dohmke, among others. In addition to a need for speed, HFT firms often require at least some of their computations to be completely private. "For a long time, hedge funds with truly proprietary code, that were truly trade secret strategies, were the last holdouts to cloud," Sourcegraph CEO Quinn Slack told BI. On-premises data centers are more likely to have space and energy-related constraints that Nvidia alternatives are looking to seize upon. Targeting and recommendations Some of the earliest returns on the billions of dollars invested in AI were from within tech giants' social media and e-commerce businesses. "AI has already made us better at targeting and finding the audiences that will be interested in their products than many businesses are themselves, and that keeps improving," Mark Zuckerberg said on Meta's April earnings call. Using AI to improve recommendations across the platform has led users of Instagram, Threads, and Facebook to spend more time on the apps. "There are a lot of opportunities also for us to improve our core business by putting more compute against our ads and recommendation work," Zuckerberg said. Wachen told BI recommendations workloads are primed for alternatives to Nvidia, especially as ad-targeting becomes custom-generated ads. Ad targeting and content recommendations are also major use cases for the chips that cloud firms have developed themselves. Google's TPU, a chip originally designed in partnership with Broadcom, for instance, is particularly suited for these tasks. Sovereign AI Sovereign clouds — state-developed data centers built for national security and other purposes, often share some constraints with the financial services sector. Saudi entities have been particularly committed to diversifying their chips. Saudi Aramco, for example, has deals with Cerebras, Groq, SambaNova Systems (as well as AMD and Nvidia). G42, a major Saudi AI data center project, has partnered with Cerebras, AMD, and Nvidia. Humain, the latest entity to emerge from Saudi Arabia's voracious appetite for AI, which was first announced during President Donald Trump's recent visit to the Kingdom, counts Groq, Nvidia, and AMD as partners. Canadian telecom firm Bell Canada just announced Groq as its inference provider. And SambaNova chips are installed in one of SoftBank's data centers in Japan. Up the stack When Meta introduced its Llama 4 model, it also launched a first-of-its-kind API — a direct way for developers to access the model from Meta itself, with computing power coming from Cerebras and Groq. Both companies have their own novel chip architectures; they also offer their own inference service alongside selling chips. The inference market is crowded. But setting up their own data centers to provide it as a service, allows chip startups to bring in revenue faster than the much longer process of selling the chips themselves. Still, there are tradeoffs. Hardware choices present both opportunity and risk for companies, said Driggers. Going with an alternative to Nvidia can save on time and money in some cases, but most alternatives are less flexible than a GPU. That the risk of commitment in these early days of AI is what's keeping many companies from buying non-Nvidia chips, he said. In the meantime, startups are contending with a very finicky inference market. "If our offering is better, customers will stay," said Liang. "If somebody else has a better offering, the market will move."
News18
30-05-2025
- News18
Breaking Bad In Telangana: Cyberabad Police Nab Dhaba Cook With Drugs Worth Rs 3 Crore
Last Updated: The accused, Vikas Sohu, started working as a watchman at a dhaba and later became a cooking master. But he got into drug peddling under the influence of the dhaba owner Telangana's Cyberabad police have arrested a 26-year-old man near Sanju Bhai Marwadi Dhaba close to Raikal Toll Gate on NH-44 for allegedly peddling drugs. The accused, identified as Vikas Sohu from Rajasthan, came to Shadnagar in 2019 to work as a watchman at the dhaba. Over time, he learnt to cook and became a cooking master. However, under the influence of the dhaba owner Sanju Bhai, who had a history of selling ganja, Sohu gradually got involved in drug peddling. Both Sohu and Sanju Bhai were previously arrested in 2022 by Jadcherla Police for selling ganja and resumed their illegal trade after their release. Sanju Bhai died in April 2025, but Sohu continued operations, sourcing drugs from suppliers like Salim from Dhulpet, Raju from Jalpally, and Ganpath from Madhya Pradesh. Police revealed that Sohu bought drugs at low rates and sold them at high margins to lorry drivers, travellers, and others visiting the dhaba. He had recently procured a fresh stock of heroin, opium, poppy straw, and ganja and managed to sell a part of it before being apprehended. During the raid, police recovered 1.5 kg of heroin, 632 grams of opium, 2.8 kg of poppy straw, and 1 kg of ganja. They also seized Rs 89,700 in cash, a digital weighing machine, poly covers, and three mobile phones. The total estimated value of the seized materials is Rs 3,05,27,700. Police have registered a case under multiple sections of the NDPS Act and have launched a manhunt for the remaining suppliers. (With agency inputs) First Published: May 30, 2025, 20:05 IST
The Star
28-05-2025
- Health
- The Star
Public outrage as China woman told to make in-person withdrawal dies outside bank
There is public outrage following the death of an elderly Chinese woman outside a bank after she was instructed to withdraw funds in person. -- Photo: SCMP composite/Sohu/X A bank in China is under scrutiny following the death of a gravely ill elderly woman outside one of its branches, where she was instructed to withdraw money in person. The incident occurred on May 14 at the Agricultural Bank of China branch in Zhuzhou, Hunan province. The sick customer was brought by her daughter and son-in-law to withdraw 50,000 yuan (US$7,000) to cover her medical expenses. The 62-year-old woman, known as Peng, had been suffering from diabetes for years. Recently, she had been hospitalised after falling and fracturing her leg, according to Dahe News. One of Peng's daughters arrived at the bank that afternoon with her mother's identity card and deposit book but was unable to complete the transaction due to entering the password incorrectly several times. Despite telling the bank clerk that her mother was unwell, the clerk insisted that Peng must be present in person to resolve the issue. The daughter subsequently called her sister, who, along with her husband, transported Peng to the bank in a wheelchair. However, after an hour, they were still unable to withdraw the funds. Notably, Peng, who was reportedly not fully conscious with her head leaning to one side, could not comply with the face recognition requirements, which required her to perform movements such as nodding and blinking. Peng's daughters later took her outside the bank for fresh air, but tragically, she passed away at the entrance. The case is currently under police investigation, with officials reporting that Peng died from 'a sudden outbreak of illness.' An anonymous bank employee informed news portal Sina that Peng's relatives had not disclosed her medical condition to the staff. When Peng arrived at the bank and struggled to cooperate with the procedures, employees suggested that her daughters take her home to rest, a proposal that was rejected by the family. Local police authorities stated they would soon release their findings regarding the investigation. On May 16, Peng's nephew announced that the family had reached an agreement with the bank to resolve the matter. The bank will cover Peng's funeral costs and provide the family with 100,000 yuan (US$14,000) as 'consolation money'. 'The agreement is signed between the bank and my cousin [Peng's daughter],' the nephew said. 'We will not pursue the matter any further. We are preparing to return to our rural hometown.' This incident has sparked intense online discussions regarding the bank's actions. 'Why did not the bank release its surveillance footage to the public? I am sure it has high-quality cameras installed. Instead of sharing the footage, it chose to offer 100,000 yuan to settle the issue. Does this indicate a guilty conscience?' one online commentator argued. Conversely, another individual raised questions about Peng's family: 'Could it be that her daughters were complicating matters at the bank by bringing their mother despite her health condition?' - SOUTH CHINA MORNING POST
Yahoo
20-05-2025
- Business
- Yahoo
Sohu.com Ltd (SOHU) Q1 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...
Total Revenues: $136 million, down 3% year-over-year, up 1% quarter-over-quarter. Marketing Services Revenues: $14 million, down 15% year-over-year, down 27% quarter-over-quarter. Online Game Revenues: $117 million, flat year-over-year, up 7% quarter-over-quarter. GAAP Net Income: $182 million, compared to a net loss of $25 million in Q1 2024 and a net loss of $21 million in Q4 2024. Non-GAAP Net Loss: $16 million, compared to a net loss of $22 million in Q1 2024 and a net loss of $15 million in Q4 2024. Sohu Media Platform Revenues: $70 million, compared to $20 million in the same quarter last year. Sohu Media Platform Operating Loss: $70 million, compared to an operating loss of $74 million in the same quarter last year. Changyou Revenues: $180 million, compared to $190 million in the same quarter last year. Changyou Operating Profit: $55 million, flat with the same quarter last year. Share Repurchase Program: 5.5 million ADS repurchased for approximately $67 million as of May 15, 2025. Warning! GuruFocus has detected 2 Warning Signs with SOHU. Release Date: May 19, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ltd (NASDAQ:SOHU) achieved marketing services revenues and non-GAAP bottom line performance at the high end of previous guidance. Online game revenues exceeded expectations, driven by high-quality content updates and improvements. The Sohu Media platform successfully engaged more users through unique events, enhancing social interactions and content distribution. The company hosted successful events like the Sohu Video influencers Spring Convention and the Sohu News Marathon, boosting platform vitality. Ltd (NASDAQ:SOHU) is exploring greater monetization opportunities by leveraging its competitive advantage as a mainstream media platform. Total revenues for the first quarter of 2025 were down 3% year-over-year. Marketing services revenues decreased by 15% year-over-year and 27% quarter-over-quarter. The company reported a non-GAAP net loss of $16 million, despite reversing a tax expense. Online game revenues, while exceeding expectations, remained flat year-over-year. The economic outlook remains uncertain, impacting advertising momentum and overall market conditions. Q: Can management comment on the recent trend in advertising sentiments across different categories such as FMCG, IT, auto, food, and electronics? What is the outlook for the second half of the year? A: Charles Zhang, CEO: In this quarter, the auto sector performed better, while IT services and FMCG remained stable. However, luxury goods and alcohol saw a decline in spending. For the second half, we expect similar trends as the economy is still not doing well. We aim to grow our social network platform to capture a larger market share in advertising. Q: How is AI benefiting Sohu's advertising and online games operations? Are there improvements in eCPM or traffic from better recommendations? A: Charles Zhang, CEO: Our media platform, centered around social networks, has less exposure to AI impacts compared to information retrieval services. AI helps improve efficiency in content generation and live streaming tools. In gaming, AI has improved efficiency in art design, UI design, and marketing materials. Q: Which AI models is Sohu integrating into its gaming and media operations? Are you using DeepSeek or other AI models? A: Charles Zhang, CEO: We integrate DeepSeek and open-source language models in our Sohu Video and News apps. In gaming, we use various AI tools for art and audio design, and we have developed our own AI agent to integrate these tools based on our needs. Q: Can you elaborate on the tax reversal that resulted in a gain this quarter? Which business is it related to? A: Joanna Lv, CFO: The tax reversal is an accounting treatment related to an uncertain tax position that has now been resolved. It is not specific to any business segment but pertains to Sohu as a whole. Q: Given the ADR delisting risks, is Sohu considering alternatives like a secondary listing in Hong Kong? A: Charles Zhang, CEO: Currently, we are not actively considering alternatives as the delisting risk is speculative. If it becomes a reality, we will evaluate our options then. We are not in a rush as we can operate without being listed for a period. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
Q1 2025 Sohu.com Ltd Earnings Call
Huang Pu; Investor Relations Officer; Ltd Charles Zhang; Chairman of the Board, Chief Executive Officer; Ltd Joanna Lv; Chief Financial Officer; Ltd Unidentified Company Representative Thomas Chong; Analyst; Jefferies Alicia Yap; Analyst; Citi Operator Ladies and gentlemen, thank you for standing by, and good evening. Thank you for joining Sohu's first quarter 2025 earnings conference call. (Operator Instructions)Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host for today's conference call, Huang Pu, Investor Relations Director of Sohu. Please go ahead. Huang Pu Thanks, operator. Thank you for joining us to discuss Sohu's first quarter 2025 results. On the call are Chairman and Chief Executive Officer, Dr. Charles Zhang; CFO, Joanna Lv; and Vice President of Finance, James Deng. Also with us are Changyou's CEO, Dewen Chen; and CFO of Yaobin management begins their prepared remarks, I would like to remind you of the company's safe harbor statement in connection with today's conference call. Except for the historical information contained herein, the matters discussed on the call may contain forward-looking statements are based on the current plans, estimates and projections, and therefore, you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking more information about the potential risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission, including the most recent Annual Report on Form that, I will now turn the call over to Dr. Charles Zhang. Charles, please proceed. Charles Zhang Thanks, Huang Pu, and thank you, everyone, for joining our call. In the first quarter of 2025, both our marketing services revenues, this is formerly known as the brand advertising revenue, and non-GAAP bottom line performance reached the high end of our previous guidance, while our online game revenues were well above our the Sohu Media platform, in addition to devoting efforts in product refinements and technology improvements, we continued to concentrate on strengthening the distinctive social features, social network features of our platform. Through various unique events, we were able to engage with more users, while promoting vigorous social interactions and distributions on our platform and generating massive premium content at the same our competitive advantage as a mainstream media platform and our unique IPs, we proactively explored greater monetization opportunities. Online games business also achieved a satisfactory performance, thanks to the high-quality content updates and continual improvements to our going into each business unit in more detail, let me first give you a quick overview of our financial performance. For the first quarter of 2025, total revenues $136 million, down 3% year-over-year and up 1% quarter-over-quarter. Marketing services revenues were $14 million, down 15% year-over-year and 27% quarter-over-quarter. Online game revenues, $117 million, flat year-over-year and up 7% net income attributable to Limited was $182 million compared with a net loss of $25 million in the first quarter of 2024 and a net loss of $21 million in the fourth quarter of 2024. In this quarter, the company reversed a tax expense that had been previously recognized as an uncertain tax position and its related accrued interest expense at approximately $199 million. Excluding this, non-GAAP net loss attributable to Limited was $16 million compared with a net loss of $22 million in the first quarter of 2024 and a net loss of $15 million in the fourth quarter of I will go through our key businesses in more detail. First, Sohu Media platform. We continuously optimized our products and with cutting-edge technologies while further strengthening the social features -- social network strategically integrating resources across our platforms and leveraging the synergies created by our unique offline events, we successfully attracted a wide range of broadcasters, who are also our users from diverse fields and greatly increased their helped to generate more high-quality content, further promote online social interaction and distribution and ultimately build a vibrant and dynamic social community on our platform. In April, we successfully hosted the 2025 Spring Convention of the Sohu Video influencers (spoken in foreign language) in Beijing, where we gathered hundreds of pop stars, KOLs and broadcasters and users in diverse verticals such as K-pop and Chinese customers among event offered a chance not only for enthusiastic participants with similar interest to connect and share in person, but also for them to get to know and interact with those in different fields and thus further boosted the vitality of our platform. This quarter, we also hosted our traditional flagship event, the 17th Sohu News Marathon, Sohu News Marathon in Weihai an influential cross-border marathon in China, this season's event continued to be presented through immersive live broadcasting, attracting both online and offline participants -- participation. This event not only generated a large amount of content from real-time updates posted by runners during the marathon and other derivative content after the race, they also promoted continuous social disseminations of related content and supported by the active social atmosphere on our we also -- we continue to attract users and audiences as well as advertisers with a distinctive physics class, Charles Physics class IP. In April, I was invited to give a physical physics lecture at Beijing Planetarium, (spoken in foreign language), reflecting a wide recognition of the class of the physics class brand and Sohu's leading position in popularization of physics the same time, we continue to explore the monetization potential of this IP and its derivatives such as everything has physics physical principles along [maturity] in various scenarios. For example, we combined the physics class with famous exhibitions such as the 2025 China AWE, the Appliance and Electronics World Expo in Shanghai and also 2025 Shanghai International Auto Industry Exhibition -- Automobile Industry Exhibition Shanghai (inaudible). In these exhibitions, we provided audiences with live explanations of the physics principles involved in integrating the exhibited products and which effectively build up connections between advertisers and these efforts, we were able to provide advertisers with customized marketing solutions and further demonstrated our unique monetization value. Besides the content generated from the above events, we also proactively expanded our content the quarter, we released several original dramas and American TV series, while introducing a large number of short dramas, among which Mystic Tales, Bu Si Yi, Zhi Gua and other American TV episodes like Mandalorian were well received by our turning to our online game business. During the quarter, our online game business performed well with revenues exceeding our prior guidance. In our PC game business, we rolled out various holiday events around Chinese New Year and Valentine's Day as well as promotional events for regular TLBB PC. In addition to holiday events, we upgraded a character development system for TLBB Vintage to give players a whole new gaming legacy TLBB Mobile, we launched an expansion pack to celebrate the Chinese New Year, featuring a variety of festival theme the gameplay and rich benefit for players. Thanks to these efforts, both player engagement and revenue for this game remained stable on a sequential quarter, we will continue to launch expansion packs and content updates for the TLBB series and other titles to further keep players engaged. As market competition intensifies and user demand for quality and innovation continues to rise, we will forge ahead with our top game strategy, staying true to our user-centric continue to optimize our R&D process and enhance execution to improve efficiency and product success rate. With these efforts, we look to bring more high-quality games to the market. Specifically, in terms of product development, we are actively exploring opportunities to unlock the potential of our TLBB as we maintain our core competitiveness in MMORPGs, we will diversify our portfolio with multiple types of games, including card-based RPGs, sports games and casual games and expand our portfolio for global let me give an update on the ongoing share repurchase program. As of May 15 this year, 2025, Sohu had repurchased 5.5 million ADS for an aggregate cost of approximately $67 that, I will now turn to our CFO, Joanna. Joanna, please. Joanna Lv Thank you, Charles. I will now walk you through the key financials of our major segments for the first quarter of 2025. All numbers are on a non-GAAP basis. You may find a reconciliation of non-GAAP to GAAP measures on our IR Sohu Media platform, quarterly revenues were $70 million compared with $20 million in the same quarter last year. Quarterly operating loss was $70 million compared with an operating loss of $74 million in the same quarter last year. For Changyou, quarterly revenues, $180 million compared with $190 million in the same quarter last operating profit, $55 million, flat with the same quarter last year. For the second quarter of 2025, we expect marketing services revenues to be between $60 million and $70 million. This implies annual decrease of 14% to 19% and a sequential increase of 17% to 24%. Online game revenues to be between $96 million and $106 million. This implies an annual decrease of 28% to 35% and a sequential decrease of 10% to 18%.Both non-GAAP and GAAP net loss attributable to Limited to be between $20 million and $30 million. This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial concludes our prepared remarks. Operator, we would now like to open the call to questions. Joanna Lv (Operator Instructions) Thomas Chong, Jefferies. Thomas Chong My first question is about our marketing services. Can management comment about the recent trend in advertising sentiments? And how is it across different categories such as FMCG, IT, auto, food and electronics? And what should -- how should we think about the second half advertising outlook? Should we expect a recovery trend in advertising momentum in the second half?And my second question is about AI. Can management comment about how AI benefit our advertising and online games operations? Are we seeing our eCPM or traffic benefits from better recommendation? And also, for gaming, we are seeing efficiencies or productivity increase in our gaming business? Charles Zhang Okay. The first question is about the marketing services, which is formerly called advertising. And in this quarter, the sector-wise, auto is doing better and yeah, 26%. So auto is doing better, and IT services stay stable and FMCG is stable, but luxury goods and alcohol is not -- is that the spending is dropping a little bit. So that's the overall yeah, so we have auto advertising or marketing services 26% and IT services 17% and FMCG 16%. For the second half, I think, well, probably similar, right? The economy is still not doing well, and so we will only expect -- look forward to talk to our -- the social network platform to have an accelerated growth so that we have a much larger platform so that we can get a larger market share of the advertising second question is about the AI impact, right? So first of all, AI and DeepSeek development. So first of all, the -- since our platform -- media platform now take the social network as our center strategy, and social network is really people-to-people interaction, it has relatively less exposure to AI and large model or DeepSeek -- large language model and DeepSeek unlike those information retrieval services like search engines or the we do have the recommendations on our Sohu News app and the Sohu Video. But now we -- those video and news app, the strategy is centered around the social network. So it has less exposure or less impact by of course, we can take advantage of the AI development or the advent of AI to improve some efficiency, but it's kind of like generation of content or some abstracts of the articles and also for the live streaming and video tools to do live streaming and the subtitles or the digital image or all those kind of things to help our users to -- with better tools. That's kind of beneficial, but it's not that big. So what I'm saying is that the AI development pose as kind of a threat or kind of impact to certain companies that mainly depend on information retrieval -- providing retrieval. But for us, now with the social network strategy, we have less exposure to this kind of threat. Yeah. On online game, I think AI impact, it's beneficial, right?It's better, right? It helps. Unidentified Company Representative (interpreted) We have largely applied AI technology in terms of art design, art production, UI design, the audio effect design and the material for marketing. It has greatly improved our efficiency. We've also achieved some progress in terms of the planning in terms -- through the ways to make AI to learn by themselves. Operator Alicia Yap, Citigroup. Alicia Yap I have two, three questions. First is that I wanted to follow up on the AI. Just wondering which AI model Sohu is currently integrating or incorporate into your gaming? Are you using DeepSeek or other comparable AI large language models?And then I understand you mentioned about social network on your media, which is less impacted. But if you were to incorporate that into your search and recommended functions within your Sohu portal, which -- again, which AI models or tools that you will be using? I assume you're not going to develop your own large language model. So this is the first question. Charles Zhang Yes, both in our Sohu Video app and the Sohu News app, both now are social network centered application, but it also has this recommendation channels and also search engine search box. Both of them are integrating some DeepSeek and also some open -- we actually developed -- based on some open source language model -- we developed ourselves based on some open source language model. Unidentified Company Representative (interpreted) For online gaming business, we've employed different kinds of AI tools, a lot of different AI large language models to be used in the production of different aspects, for example, for the art design, for the audio or music, for video production. We also developed our own AI agent that can vary conveniently based on our own needs and demand to integrate different AI tools to automatically finish the job. Alicia Yap Okay. My second question (technical difficulty) my second question is, I actually not quite understand the tax reversal. So can you elaborate again what is -- which business is that is related to that tax reversal that you have to gain this quarter? Charles Zhang Tax reversal. Alicia Yap The tax gain that you actually have. Charles Zhang Okay. Tax. It's -- I think it's accounting issue. So let me let Joanna to expand. Joanna Lv This is mainly accounting treatment. The nature is on certain tax method, which is calculated by weighted average basis according to different possibilities. Now the uncertainty is gone. So in this quarter, we totally reversed the expense. Alicia Yap I see. Is that related to the Sohu Media business or it's the gaming business? Joanna Lv Sohu -- Charles Zhang Sohu company. Sohu Company. Alicia Yap Okay. I see. Charles Zhang It's (multiple speakers) yeah, it's accounting issue. So it's not -- just the uncertainty now become a certainty. So there's no actually cash flow or real money flowing. So it's just accounting. Alicia Yap I see. Okay. And then last question. I know -- I mean, maybe now we have less risk, but obviously, this whole ADR delisting risk is on and off, right, as the headwinds or the noises. Just in the event is that risks go up again, it's -- the management or are we thinking about any of the alternatives like, for example, coming back to Hong Kong for the secondary listing? I appreciate any comment on that. Charles Zhang Well, it's still up in the air, basically, it's not -- it's -- we will just -- when anything happens, we will have -- now we don't have any -- because it's not happening, right? It's just a kind of speculation. So -- Alicia Yap I see. But if there's really coming, then you obviously have an alternative plan that you actually are already thinking about it. Charles Zhang Not thinking about it. So when it happens, we'll start thinking about it. Alicia Yap Okay. Alright. Great. Thank you. Charles Zhang We always have time, right? We don't -- we are not in -- we are not a company that has to be listed, right? We can have a period of time that is not listed, right? So we always have time to think about those things, right? Operator (Operator Instructions) There are currently no further questions at this time. That concludes today's conference call. Thank you all for participating. You may now disconnect your lines. 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